By Sheri Kasprzak
New York, Aug. 10 - Visual Networks, Inc. said it has completed a $10 million private placement of convertible notes.
The notes, purchased by Special Situations Funds, mature Dec. 31, 2007 and are convertible into a total of 6,896,552 shares at $1.45 each. The coupon of the notes could not be determined Wednesday.
The proceeds will be used to pay an existing $2 million convertible debenture facility and for working capital and general corporate purposes.
Based in Rockville, Md., Visual Networks provides voice-over-internet protocol technologies.
| Issuer: | Visual Networks, Inc.
|
| Issue: | Convertible notes
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| Amount: | $10 million
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| Maturity: | Dec. 31, 2007
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| Conversion price: | $1.45
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| Conversion ratio: | Into 6,896,552 common shares
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| Warrants: | No
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| Investor: | Special Situations Funds
|
| Settlement date: | Aug. 5
|
| Stock price: | $1.86 at close Aug. 5
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